Exhibit 99

[HEI Logo]

2010

Statistical Supplement

and Utility Forecast

Shelee M. T. Kimura

Manager, Investor Relations

and Strategic Planning

Phone: 808-543-7384

Fax: 808-203-1164

E-mail: skimura@hei.com

Forward-Looking Statements

This report and other presentations made by Hawaiian Electric Industries, Inc. (HEI) and Hawaiian Electric Company, Inc. (HECO) and their subsidiaries contain “forward-looking statements,” which include statements that are predictive in nature, depend upon or refer to future events or conditions, and usually include words such as “expects,” “anticipates,” “intends,” “plans,” “believes,” “predicts,” “estimates” or similar expressions. In addition, any statements concerning future financial performance, ongoing business strategies or prospects or possible future actions are also forward-looking statements. Forward-looking statements are based on current expectations and projections about future events and are subject to risks, uncertainties and the accuracy of assumptions concerning HEI and its subsidiaries (collectively, the Company), the performance of the industries in which they do business and economic and market factors, among other things. These forward-looking statements are not guarantees of future performance.

Risks, uncertainties and other important factors that could cause actual results to differ materially from those in forward-looking statements and from historical results include, but are not limited to, the following:

·international, national and local economic conditions, including the state of the Hawaii tourism and construction industries, the strength or weakness of the Hawaii and continental U.S. real estate markets (including the fair value and/or the actual performance of collateral underlying loans held by American Savings Bank, F.S.B. (ASB), which could result in higher loan loss provisions and write-offs), decisions concerning the extent of the presence of the federal government and military in Hawaii, and the implications and potential impacts of current capital and credit market conditions and federal and state responses to those conditions;

·weather and natural disasters, such as hurricanes, earthquakes, tsunamis, lightning strikes and the potential effects of global warming (such as more severe storms and rising sea levels);

·global developments, including terrorist acts, the war on terrorism, continuing U.S. presence in Afghanistan, potential conflict or crisis with North Korea or in the Middle East;

·the timing and extent of changes in interest rates and the shape of the yield curve;

·the ability of the Company to access credit markets to obtain commercial paper and other short-term and long-term debt financing (including lines of credit) and to access capital markets to issue HEI common stock under volatile and challenging market conditions, and the cost of such financings, if available;

·the risks inherent in changes in the value of pension and other retirement plan assets and securities available for sale;

·changes in laws, regulations, market conditions and other factors that result in changes in assumptions used to calculate retirement benefits costs and funding requirements;

·the impact of the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010 (Dodd-Frank Act) and of the rules and regulations that the Dodd-Frank Act requires to be promulgated over the next several months;

·increasing competition in the electric utility and banking industries (e.g., increased self-generation of electricity may have an adverse impact on HECO’s revenues and increased price competition for deposits, or an outflow of deposits to alternative investments, may have an adverse impact on ASB’s cost of funds);

·the implementation of the Energy Agreement with the State of Hawaii and Consumer Advocate (Energy Agreement) setting forth the goals and objectives of a Hawaii Clean Energy Initiative (HCEI), revenue decoupling and the fulfillment by the utilities of their commitments under the Energy Agreement (given the Public Utilities Commission of the State of Hawaii (PUC) approvals needed; the PUC’s potential delay in considering HCEI-related costs; reliance by the Company on outside parties like the state, independent power producers (IPPs) and developers; potential changes in political support for the HCEI; and uncertainties surrounding wind power, the proposed undersea cable (to bring power to Oahu from Lanai and/or Molokai), biofuels, environmental assessments and the impacts of implementation of the HCEI on future costs of electricity);

·capacity and supply constraints or difficulties, especially if generating units (utility-owned or IPP-owned) fail or measures such as demand-side management (DSM), distributed generation (DG), combined heat and power (CHP) or other firm capacity supply-side resources fall short of achieving their forecasted benefits or are otherwise insufficient to reduce or meet peak demand;

·the risk to generation reliability when generation peak reserve margins on Oahu are strained;

·fuel oil price changes, performance by suppliers of their fuel oil delivery obligations and the continued availability to the electric utilities of their energy cost adjustment clauses (ECACs);

·the impact of fuel price volatility on customer satisfaction and political and regulatory support for the utilities;

i

·the risks associated with increasing reliance on renewable energy, as contemplated under the Energy Agreement, including the availability and cost of non-fossil fuel supplies for renewable generation and the operational impacts of adding intermittent sources of renewable energy to the electric grid;

·the ability of IPPs to deliver the firm capacity anticipated in their power purchase agreements (PPAs);

·the ability of the electric utilities to negotiate, periodically, favorable fuel supply and collective bargaining agreements;

·new technological developments that could affect the operations and prospects of HEI and its subsidiaries (including HECO and its subsidiaries and ASB) or their competitors;

·federal, state, county and international governmental and regulatory actions, such as changes in laws, rules and regulations applicable to HEI, HECO, ASB and their subsidiaries (including changes in taxation, increases in capital requirements, regulatory changes resulting from the HCEI, environmental laws and regulations, the regulation of greenhouse gas emissions (GHG), healthcare reform, governmental fees and assessments (such as Federal Deposit Insurance Corporation assessments), and potential carbon “cap and trade” legislation that may fundamentally alter costs to produce electricity and accelerate the move to renewable generation);

·decisions by the PUC in rate cases and other proceedings (including the risks of delays in the timing of decisions, adverse changes in final decisions from interim decisions and the disallowance of project costs);

·decisions by the PUC and by other agencies and courts on land use, environmental and other permitting issues (such as required corrective actions and restrictions and penalties that may arise, such as with respect to environmental conditions or renewable portfolio standards (RPS));

·potential enforcement actions by the Office of Thrift Supervision (OTS) (or its regulatory successors, the Office of the Comptroller of the Currency and the Federal Reserve Board) and other governmental authorities (such as consent orders, required corrective actions, restrictions and penalties that may arise, for example, with respect to compliance deficiencies under existing or new banking and consumer protection laws and regulations or with respect to capital adequacy);

·ability to recover and earn on increasing costs and capital investments not covered by revenue adjustment mechanisms;

·the risks associated with the geographic concentration of HEI’s businesses and ASB’s loans, ASB’s concentration in a single product type (first mortgages) and ASB’s significant credit relationships (i.e., concentrations of large loans and/or credit lines with certain customers);

·changes in accounting principles applicable to HEI, HECO, ASB and their subsidiaries, including the adoption of International Financial Reporting Standards or new U.S. accounting standards, the potential discontinuance of regulatory accounting and the effects of potentially required consolidation of variable interest entities (VIEs) or required capital lease accounting for PPAs with IPPs;

·changes by securities rating agencies in their ratings of the securities of HEI and HECO and the results of financing efforts;

·faster than expected loan prepayments that can cause an acceleration of the amortization of premiums on loans and investments and the impairment of mortgage servicing assets of ASB;

·changes in ASB’s loan portfolio credit profile and asset quality which may increase or decrease the required level of allowance for loan losses and charge-offs;

·changes in ASB’s deposit cost or mix which may have an adverse impact on ASB’s cost of funds;

·the final outcome of tax positions taken by HEI, HECO, ASB and their subsidiaries;

·the risks of suffering losses and incurring liabilities that are uninsured or underinsured; and

·other risks or uncertainties described in other reports previously and subsequently filed by HEI and/or HECO with the Securities and Exchange Commission (SEC) (e.g., “Item 1A. Risk Factors” in the Company’s Annual Report on Form 10-K).

Forward-looking statements speak only as of the date of the report, presentation or filing in which they are made. Except to the extent required by the federal securities laws, HEI, HECO, ASB and their subsidiaries undertake no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.

ii

SELECTED FINANCIAL INFORMATION

Hawaiian Electric Industries, Inc. and Subsidiaries

Unaudited

Years ended December 31	2010			2009			2008			2007			2006
(dollars in thousands, except per share amounts)
Revenues	$	2,664,982		$	2,309,590		$	3,218,920		$	2,536,418		$	2,460,904
Net income for common stock	$	113,535		$	83,011		$	90,278		$	84,779		$	108,001
Basic earnings per common share	$	1.22		$	0.91		$	1.07		$	1.03		$	1.33
Diluted earnings per common share	$	1.21		$	0.91		$	1.07		$	1.03		$	1.33
Dividends per common share	$	1.24		$	1.24		$	1.24		$	1.24		$	1.24
Operating income (loss)
Electric utility	$	178,388		$	169,671		$	191,359		$	130,585		$	166,718
Bank	92,588			31,764			26,952			84,010			88,558
Other	(14,765		)	(13,771		)	(14,154		)	(10,863		)	(15,880		)
	$	256,211		$	187,664		$	204,157		$	203,732		$	239,396
Assets *
Electric utility	$	4,285,680		$	3,978,392		$	3,856,109		$	3,423,888		$	3,063,134
Bank	4,796,759			4,940,985			5,437,120			6,861,493			6,808,499
Other	2,905			5,625			1,853			8,535			19,576
	$	9,085,344		$	8,925,002		$	9,295,082		$	10,293,916		$	9,891,209
Capital structure * **
Short-term borrowings - other than bank	$	24,923		$	41,989		$	—		$	91,780		$	176,272
Long-term debt, net - other than bank	1,364,942			1,364,815			1,211,501			1,242,099			1,133,185
Preferred stock of subsidiaries	34,293			34,293			34,293			34,293			34,293
Common stock equity	1,483,637			1,441,648			1,389,454			1,275,427			1,095,240
	$	2,907,795		$	2,882,745		$	2,635,248		$	2,643,599		$	2,438,990
Capital structure ratios * **
Short-term borrowings - other than bank	0.9		%	1.5		%	—		%	3.5		%	7.2		%
Long-term debt, net - other than bank	46.9			47.3			46.0			47.0			46.5
Preferred stock of subsidiaries	1.2			1.2			1.3			1.3			1.4
Common stock equity	51.0			50.0			52.7			48.2			44.9
	100.0		%	100.0		%	100.0		%	100.0		%	100.0		%
Key financial ratios
Market price to book value per common share *	145		%	134		%	144		%	149		%	202		%
Price earnings ratio ***	18.7x			23.0x			20.7x			22.1x			20.4x
Return on average common equity	7.8		%	5.9		%	6.8		%	7.2		%	9.3		%
Indicated annual yield *	5.4		%	5.9		%	5.6		%	5.4		%	4.6		%
Dividend payout ratio	102		%	137		%	116		%	120		%	93		%

*	At December 31. (Note: Common stock equity since December 31, 2006 includes a charge to accumulated other comprehensive income relating to retirement benefits pursuant to FASB Accounting Standards CodificationTM (ASC) Topic 715, “Compensation-Retirement Benefits.” This charge as of December 31, 2010, 2009, 2008 and 2007 has been adjusted by the impact of decisions of the PUC. See Note 9, “Retirement benefits,” of HEI’s “Notes to Consolidated Financial Statements” in HEI’s 2010 Form 10-K.)
**	Excludes ASB’s deposit liabilities and other borrowings.
***	Calculated using December 31 market price per common share divided by basic earnings per common share.

See “Commitments and contingencies” in Note 3 and “Balance sheet restructure” and discussions of private-issue mortgage-related securities in Note 4 of HEI’s “Notes to Consolidated Financial Statements” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations” included or incorporated in HEI’s Form 10-K for discussions of certain contingencies that could adversely affect future results of operations and factors that affected reported results of operations.

On December 8, 2008, HEI completed the issuance and sale of 5 million shares of HEI’s common stock (without par value) under an omnibus shelf registration statement. The net proceeds from the sale amounted to approximately $110 million and were primarily used to repay HEI’s outstanding short-term debt and to make loans to HECO (principally to permit HECO to repay its short-term debt).

1

CONSOLIDATED BALANCE SHEETS

Hawaiian Electric Industries, Inc. and Subsidiaries

Unaudited

December 31	2010			2009			2008			2007			2006
(in thousands)
ASSETS
Cash and cash equivalents	$	330,651		$	503,922		$	183,435		$	209,855		$	257,301
Accounts receivable and unbilled revenues, net	266,996			241,116			300,666			294,447			248,639
Available-for-sale investment and mortgage-related securities	678,152			432,881			657,717			2,140,772			2,367,427
Investment in stock of Federal Home Loan Bank of Seattle	97,764			97,764			97,764			97,764			97,764
Loans receivable, net	3,497,729			3,670,493			4,206,492			4,101,193			3,780,461
Property, plant and equipment, net	3,165,918			3,088,611			2,907,376			2,743,410			2,647,490
Regulatory assets	478,330			426,862			530,619			284,990			112,349
Other	487,614			381,163			328,823			338,405			296,698
Goodwill	82,190			82,190			82,190			83,080			83,080
Total assets	$	9,085,344		$	8,925,002		$	9,295,082		$	10,293,916		$	9,891,209
LIABILITIES AND SHAREHOLDERS’ EQUITY
Liabilities
Accounts, interest and dividends payable	$	230,260		$	186,994		$	183,584		$	202,299		$	165,505
Deposit liabilities	3,975,372			4,058,760			4,180,175			4,347,260			4,575,548
Short-term borrowings - other than bank	24,923			41,989			—			91,780			176,272
Other bank borrowings	237,319			297,628			680,973			1,810,669			1,568,585
Long-term debt, net - other than bank	1,364,942			1,364,815			1,211,501			1,242,099			1,133,185
Deferred income taxes	278,958			188,875			143,308			155,337			106,780
Regulatory liabilities	296,797			288,214			288,602			261,606			240,619
Contributions in aid of construction	335,364			321,544			311,716			299,737			276,728
Other	823,479			700,242			871,476			573,409			518,454
Total liabilities	7,567,414			7,449,061			7,871,335			8,984,196			8,761,676
Preferred stock of subsidiaries - not subject to mandatory redemption	34,293			34,293			34,293			34,293			34,293
Shareholders’ equity
Preferred stock	—			—			—			—			—
Common stock	1,314,199			1,265,157			1,231,629			1,072,101			1,028,101
Retained earnings	181,910			184,213			210,840			225,168			242,667
Accumulated other comprehensive loss, net of tax benefits	(12,472		)	(7,722		)	(53,015		)	(21,842		)	(175,528		)
Total shareholders’ equity	1,483,637			1,441,648			1,389,454			1,275,427			1,095,240
Total liabilities and shareholders’ equity	$	9,085,344		$	8,925,002		$	9,295,082		$	10,293,916		$	9,891,209

Note: See HEI’s “Notes to Consolidated Financial Statements” included or incorporated in HEI’s Form 10-K for each year.

2

CONSOLIDATED STATEMENTS OF INCOME

Hawaiian Electric Industries, Inc. and Subsidiaries

Unaudited

Years ended December 31	2010			2009			2008			2007			2006
(in thousands, except per share amounts)
Revenues
Electric utility	$	2,382,366		$	2,035,009		$	2,860,350		$	2,106,314		$	2,054,890
Bank	282,693			274,719			358,553			425,495			408,365
Other	(77		)	(138		)	17			4,609			(2,351		)
	2,664,982			2,309,590			3,218,920			2,536,418			2,460,904
Expenses
Electric utility	2,203,978			1,865,338			2,668,991			1,975,729			1,888,172
Bank	190,105			242,955			331,601			341,485			319,807
Other	14,688			13,633			14,171			15,472			13,529
	2,408,771			2,121,926			3,014,763			2,332,686			2,221,508
Operating income (loss)
Electric utility	178,388			169,671			191,359			130,585			166,718
Bank	92,588			31,764			26,952			84,010			88,558
Other	(14,765		)	(13,771		)	(14,154		)	(10,863		)	(15,880		)
	256,211			187,664			204,157			203,732			239,396
Interest expense - other than on deposit liabilities and other bank borrowings	(81,538		)	(76,330		)	(76,142		)	(78,556		)	(75,678		)
Allowance for borrowed funds used during construction	2,558			5,268			3,741			2,552			2,879
Allowance for equity funds used during construction	6,016			12,222			9,390			5,219			6,348
Income before income taxes	183,247			128,824			141,146			132,947			172,945
Income taxes	67,822			43,923			48,978			46,278			63,054
Net income	115,425			84,901			92,168			86,669			109,891
Preferred stock dividends of subsidiaries	1,890			1,890			1,890			1,890			1,890
Net income for common stock	$	113,535		$	83,011		$	90,278		$	84,779		$	108,001
Basic earnings per common share	$	1.22		$	0.91		$	1.07		$	1.03		$	1.33
Diluted earnings per common share	$	1.21		$	0.91		$	1.07		$	1.03		$	1.33
Dividends per common share	$	1.24		$	1.24		$	1.24		$	1.24		$	1.24
Weighted-average number of common shares outstanding	93,421			91,396			84,631			82,215			81,145
Adjusted weighted-average shares	93,693			91,516			84,720			82,419			81,373

Note: See HEI’s “Notes to Consolidated Financial Statements” included or incorporated in HEI’s Form 10-K for each year.

3

CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY

Hawaiian Electric Industries, Inc. and Subsidiaries

Unaudited

Years ended December 31	2010			2009			2008			2007			2006
(in thousands)
Balance, January 1	$	1,441,648		$	1,389,454		$	1,275,427		$	1,095,240		$	1,216,630
Comprehensive income:
Net income	113,535			83,011			90,278			84,779			108,001
Net unrealized gains (losses) on securities:
Net unrealized gains (losses) arising during the period, net of taxes	(1,196		)	12,938			(30,124		)	18,087			2,059
Less: reclassification adjustment for net realized losses (gains) included in net income, net of taxes	—			28,596			15,142			(668		)	(1,045		)
Unrealized losses on derivatives qualified as cash flow hedges: Net unrealized holding losses arising during the period, net of tax benefits	(1,169		)	—			—			—			—
Retirement benefit plans:
Net transition asset arising during the period, net of taxes	—			6,549			—			—			—
Prior service credit arising during the period, net of taxes	4,712			1,446			992			10,584			—
Net gains (losses) arising during the period, net of taxes	(44,626		)	64,547			(175,240		)	17,825			—
Less: amortization of transition obligation, prior service credit and net losses recognized during the period in net periodic benefit cost, net of tax benefits	4,030			10,754			5,801			8,694			—
Less: reclassification adjustment for impact of D&Os of the PUC included in regulatory asset, net of taxes	33,499			(75,756		)	152,256			(17,282		)	—
Less: reclassification adjustment for curtailment gain included in net income, net of taxes	—			—			—			(5,305		)	—
Minimum pension liability adjustment, net of taxes	—			—			—			—			1,254
Comprehensive income	108,785			132,085			59,105			116,714			110,269
Adjustment to initially apply PUC D&Os related to retirement benefit plans, net of taxes	—			—			—			121,751			—
Adjustment to initially apply FIN 48	—			—			—			(228		)	—
Adjustment to initially apply SFAS No. 158, net of tax benefits	—			—			—			—			(140,066		)
Issuance of common stock:
Common stock offering	—			—			115,000			—			—
Dividend reinvestment and stock purchase plan	37,296			27,701			34,607			34,443			—
Retirement savings and other plans	8,934			4,771			15,267			10,804			10,270
Expenses and other, net	2,812			1,056			(5,346		)	(1,247		)	(1,135		)
Common stock dividends	(115,838		)	(113,419		)	(104,606		)	(102,050		)	(100,728		)
Balance, December 31	$	1,483,637		$	1,441,648		$	1,389,454		$	1,275,427		$	1,095,240

Note: See HEI’s “Notes to Consolidated Financial Statements” included or incorporated in HEI's Form 10-K for each year.

4

CONSOLIDATED CAPITALIZATION

Hawaiian Electric Industries, Inc. and Subsidiaries

Unaudited

December 31	2010			2009			2008			2007			2006
(dollars in thousands, except par values)
Short-term borrowings - other than bank (1)	$	24,923		$	41,989		$	—		$	91,780		$	176,272
Long-term debt - other than bank (1)
Long-term debt of electric utility subsidiaries (2)	1,057,942			1,057,815			904,501			885,099			766,185
HEI, medium-term notes, Series B 6.545 - 7.13% due in various years through 2012	7,000			7,000			7,000			7,000			17,000
HEI, medium-term notes, Series C 6.51% due in 2014	100,000			100,000			100,000			100,000			100,000
HEI, medium-term notes, Series D 4.00% paid in 2008	—			—			—			50,000			50,000
HEI, medium-term notes, Series D 5.25% due in 2013	50,000			50,000			50,000			50,000			50,000
HEI, medium-term notes, Series D 4.23% due in 2011	50,000			50,000			50,000			50,000			50,000
HEI, medium-term notes, Series D 6.141% due in 2011	100,000			100,000			100,000			100,000			100,000
	1,364,942			1,364,815			1,211,501			1,242,099			1,133,185
Preferred stock of subsidiaries - not subject to mandatory redemption	34,293			34,293			34,293			34,293			34,293
Stockholders' equity
Preferred stock	—			—			—			—			—
Common stock	1,314,199			1,265,157			1,231,629			1,072,101			1,028,101
Retained earnings	181,910			184,213			210,840			225,168			242,667
Accumulated other comprehensive loss, net of tax benefits	(12,472		)	(7,722		)	(53,015		)	(21,842		)	(175,528		)
	1,483,637			1,441,648			1,389,454			1,275,427			1,095,240
Total capitalization	$	2,907,795		$	2,882,745		$	2,635,248		$	2,643,599		$	2,438,990

LONG-TERM DEBT MATURITIES

Hawaiian Electric Industries, Inc. and Subsidiaries

Unaudited

(in thousands)	2011		2012		2013		2014		2015		Thereafter		Total
Long-term debt - other than bank (1)
Electric utilities	$	—	$	57,500	$	—	$	11,400			$	989,042	$	1,057,942
HEI	150,000		7,000		50,000		100,000				—		307,000
	$	150,000	$	64,500	$	50,000	$	111,400	$	—	$	989,042	$	1,364,942

(1)	Excludes deposit liabilities, other bank borrowings and intercompany borrowings.
(2)	See pages 14 and 15 for additional information.

Note: See HEI's “Notes to Consolidated Financial Statements” included or incorporated in HEI's Form 10-K for each year.

5

CONSOLIDATED STATEMENTS OF CASH FLOWS

Hawaiian Electric Industries, Inc. and Subsidiaries

Unaudited

Years ended December 31	2010			2009			2008			2007			2006
(in thousands)
Cash flows from operating activities
Net income	$	115,425		$	84,901		$	92,168		$	86,669		$	109,891
Adjustments to reconcile net income to net cash provided by operating activities
Depreciation of property, plant and equipment	154,523			151,282			150,977			147,881			141,184
Other amortization	4,605			5,389			5,085			11,878			10,778
Provision for loan losses	20,894			32,000			10,334			5,700			1,400
Writedown of utility plant	—			—			—			11,701			—
Gain on pension curtailment	—			—			(472		)	(8,809		)	—
Loans receivable originated and purchased, held for sale	(360,527		)	(443,843		)	(204,457		)	(39,688		)	(23,767		)
Proceeds from sale of loans receivable, held for sale	392,406			471,194			185,291			33,876			26,150
Net losses (gains) on sale of investment and mortgage-related securities	—			32,034			17,376			(1,109		)	(1,735		)
Other-than-temporary impairment on available-for-sale mortgage-related securities	—			15,444			7,764			—			—
Change in deferred income taxes	97,791			12,787			5,134			(34,624		)	(12,946		)
Change in excess tax benefits from share-based payment arrangements	45			310			(405		)	(195		)	(1,052		)
Allowance for equity funds used during construction	(6,016		)	(12,222		)	(9,390		)	(5,219		)	(6,348		)
Changes in assets and liabilities, net of effects from the disposal of businesses
Decrease (increase) in accounts receivable and unbilled revenues, net	(25,880		)	59,550			(6,219		)	(45,808		)	834
Increase (decrease) in accounts, interest and dividends payable	43,266			3,410			(18,715		)	36,794			(17,831		)
Changes in other assets and liabilities	(95,815		)	(127,768		)	25,343			20,184			61,384
Net cash provided by operating activities	340,717			284,468			259,814			219,231			287,942
Cash flows from investing activities
Available-for-sale investment and mortgage-related securities purchased	(714,552		)	(297,864		)	(489,264		)	(402,071		)	(343,927		)
Principal repayments on available-for-sale investment and mortgage-related securities	465,437			357,233			610,521			652,083			542,702
Proceeds from sale of available-for-sale investment and mortgage-related securities	—			185,134			1,311,596			1,109			61,131
Proceeds from sale of other investments	—			—			17			35,920			—
Net decrease (increase) in loans held for investment	118,892			484,960			(92,241		)	(315,786		)	(211,872		)
Proceeds from sale of real estate acquired in settlement of loans	5,967			1,555			—			—			403
Capital expenditures	(182,125		)	(304,761		)	(282,051		)	(218,297		)	(210,529		)
Contributions in aid of construction	22,555			14,170			17,319			19,011			19,707
Other	5,092			1,199			1,116			5,902			1,708
Net cash provided by (used in) investing activities	$	(278,734	)	$	441,626		$	1,077,013		$	(222,129	)	$	(140,677	)

6

CONSOLIDATED STATEMENTS OF CASH FLOWS (Continued)

Hawaiian Electric Industries, Inc. and Subsidiaries

Unaudited

Years ended December 31	2010			2009			2008			2007			2006
(in thousands)
Cash flows from financing activities
Net increase (decrease) in deposit liabilities	$	(83,388	)	$	(121,415	)	$	(167,085	)	$	(228,288	)	$	18,129
Net increase (decrease) in short-term borrowings with original maturities of three months or less	(17,066		)	41,989			(91,780		)	(84,492		)	35,213
Proceeds from short-term borrowings with original maturities of greater than three months	—			—			—			—			44,891
Repayment of short-term borrowings with original maturities of greater than three months	—			—			—			—			(45,590		)
Net increase (decrease) in retail repurchase agreements	(60,308		)	(3,829		)	(37,142		)	71,205			60,596
Proceeds from other bank borrowings	—			310,000			2,592,635			1,338,432			1,331,559
Repayments of other bank borrowings	—			(689,517		)	(3,682,119		)	(1,166,112		)	(1,446,995		)
Proceeds from issuance of long-term debt	—			153,186			19,275			242,539			100,000
Repayment of long-term debt	—			—			(50,000		)	(136,000		)	(110,000		)
Change in excess tax benefits from share-based payment arrangements	(45		)	(310		)	405			195			1,052
Net proceeds from issuance of common stock	22,706			15,329			136,443			21,072			5,481
Common stock dividends	(93,034		)	(96,843		)	(83,604		)	(81,489		)	(100,673		)
Preferred stock dividends of subsidiaries	(1,890		)	(1,890		)	(1,890		)	(1,890		)	(1,890		)
Other	(2,229		)	(12,307		)	1,615			(19,720		)	1,786
Net cash used in financing activities	(235,254		)	(405,607		)	(1,363,247		)	(44,548		)	(106,441		)
Net cash provided by discontinued operations	—			—			—			—			7,530
Net increase (decrease) in cash and cash equivalents	(173,271		)	320,487			(26,420		)	(47,446		)	48,354
Cash and cash equivalents, January 1	503,922			183,435			209,855			257,301			208,947
Cash and cash equivalents, December 31	$	330,651		$	503,922		$	183,435		$	209,855		$	257,301

Note: See HEI’s “Notes to Consolidated Financial Statements” included or incorporated in HEI’s Form 10-K for each year.

7

NET INCOME AND RETURN ON AVERAGE COMMON EQUITY BY COMPANY

Hawaiian Electric Industries, Inc. and Subsidiaries

Unaudited

Years ended December 31	2010			2009			2008			2007			2006
(dollars in thousands)
Net income (loss) for common stock by company
Electric utilities
HECO	$	50,989		$	53,621		$	54,966		$	32,249		$	49,364
HELCO	16,608			15,761			19,641			8,252			6,947
MECO	9,012			10,224			17,792			11,785			18,789
Renewable Hawaii, Inc.	(8		)	(11		)	(77		)	(83		)	(153		)
Uluwehiokama Biofuels Corp.	(12		)	(149		)	(347		)	(47		)	—
	76,589			79,446			91,975			52,156			74,947
ASB consolidated	58,456			21,767		(1)	17,827		(2)	53,107			55,782
HEI and other	(21,510		)	(18,202		)	(19,524		)	(20,484		)	(22,728		)
Consolidated HEI	$	113,535		$	83,011	(1)	$	90,278	(2)	$	84,779		$	108,001
Return on average common equity by company
Electric utilities
HECO	6.1		%	6.7		%	7.6		%	5.0		%	7.9		%
HELCO	6.5			6.8			9.3			4.4			3.8
MECO	4.0			4.7			8.4			5.9			9.7
	5.8			6.4			8.0			5.0			7.5
ASB consolidated	11.9			4.5		(1)	3.3		(2)	9.2			10.0
Consolidated HEI	7.8		%	5.9		%(1)	6.8		%(2)	7.2		%	9.3		%

(1)	Includes a $19.3 million after-tax charge related to ASB’s private-issue mortgage-related securities. Excluding this $19.3 million charge, ASB consolidated net income would have been $41 million and return on average common equity would have been 8.3% and HEI consolidated net income would have been $102 million and return on average common equity would have been 7.2%.
(2)	Includes a $35.6 million after-tax charge related to ASB’s balance sheet restructuring in June 2008. Excluding this $35.6 million charge, ASB consolidated net income would have been $53 million and return on average common equity would have been 9.6% and HEI consolidated net income would have been $126 million and return on average common equity would have been 9.3%.

8

STATE OF HAWAII DATA

Unaudited

Years ended December 31, except as noted	2010			2009		2008		2007		2006
POPULATION BY COUNTY (thousands)*
Honolulu	953			908		905		900		904
Hawaii	185			178		176		173		169
Maui	155			145		144		141		140
Kauai	67			64		63		63		62
	1,360			1,295		1,288		1,277		1,275
VISITOR DATA
Visitor arrivals by air (thousands)
Domestic	5,023			4,672		4,902		5,583		5,550
International	1,960			1,748		1,811		1,914		1,978
	6,983			6,420		6,713		7,497		7,528
Visitor arrivals by air, by county (thousands)**
Honolulu	4,334			4,025		4,194		4,695		4,688
Hawaii	1,289			1,215		1,321		1,622		1,614
Maui	2,133			1,932		2,129		2,522		2,498
Kauai	964			928		1,031		1,299		1,204
	8,720			8,100		8,675		10,138		10,004
Visitor days (thousands)
Domestic	50,437			47,121		49,497		55,100		54,584
International	15,160			13,134		13,633		14,035		14,562
	65,597			60,255		63,130		69,135		69,146
Visitor expenditures by air (billions)	$	11.4		$	9.8	$	11.2	$	12.6	$	12.2
CONSTRUCTION INDUSTRY DATA (millions)
Value of private building permits authorized***	$	1,980		$	1,999	$	2,907	$	3,585	$	3,770
Contracting tax base	na			$	6,642	$	7,987	$	8,073	$	7,223
FEDERAL GOVERNMENT DATA (millions)
Department of Defense expenditures	na			$	8,801	$	6,107	$	5,467	$	5,379
Other federal agencies expenditures	na			$	15,809	8,902		8,595		8,116
Total federal government expenditures	na			$	24,610	$	15,009	$	14,062	$	13,495
OTHER DATA
Real gross state product (billions of 2000 $s)	$	50.0	(e)	$	49.5	$	49.8	$	49.4	$	48.7
Honolulu Consumer Price Index (%)	2.1			0.5		4.3		4.8		5.9
Total wage and salary jobs (thousands)	595.9			597.7		625.4		631.4		624.0
Unemployment rate (average annual %)	6.6			6.8		4.0		2.6		2.5

Sources:  State of Hawaii Data Book 2009 (prior years), Hawaii State Department of Business, Economic Development & Tourism,

Hawai’i Tourism Authority, and United States Department of Labor, Bureau of Labor Statistics

*	Resident population estimates, including military personnel, excluding visitors, as of July 1
**	Visitors visiting more than one county are included in each county’s visitor arrival count. Visitor arrivals by county include domestic and international visitors.
***	Excludes public construction
(e)	Estimate
na	Not available

9

SELECTED DATA

Hawaiian Electric Company, Inc. and Subsidiaries

Unaudited

Years ended December 31	2010			2009		2008		2007		2006
(in thousands)
CAPITAL STRUCTURE *
Short-term borrowings	$	—		$	—	$	41,550	$	28,791	$	113,107
Long-term debt, net	1,057,942			1,057,815		904,501		885,099		766,185
Preferred stock	34,293			34,293		34,293		34,293		34,293
Common stock equity	1,337,398			1,306,408		1,188,842		1,110,462		958,203
	$	2,429,633		$	2,398,516	$	2,169,186	$	2,058,645	$	1,871,788
CAPITAL STRUCTURE RATIOS (%) *
Short-term borrowings	—			—		1.9		1.4		6.1
Long-term debt, net	43.5			44.1		41.7		43.0		40.9
Preferred stock	1.4			1.4		1.6		1.7		1.8
Common stock equity	55.1			54.5		54.8		53.9		51.2
	100.0			100.0		100.0		100.0		100.0
KEY FINANCIAL RATIOS (%)
Ratio of earnings to fixed charges (SEC method)	2.88			2.99		3.48		2.43		3.14
Authorized return on rate base **
HECO	8.16			8.66		8.66		9.16		9.16
HELCO	8.33			9.14		9.14		9.14		9.14
MECO	8.67			8.83		8.83		8.83		8.83
Earned return on simple average rate base ***
HECO	5.93			6.12		7.05		4.92		6.78
HELCO	5.86			5.70		7.21		6.68		4.47
MECO	4.86			4.99		7.03		5.59		7.21
Authorized return on simple average common equity **
HECO	10.00		(a)	10.70		10.70		11.40		11.40
HELCO	10.70			11.50		11.50		11.50		11.50
MECO	10.70			10.94		10.94		10.94		10.94
Earned return on simple average common equity ***
HECO	6.15			7.02		8.07		4.52		7.61
HELCO	6.24			6.89		9.39		7.79		3.70
MECO	3.90			4.76		8.54		5.78		9.51
RATE BASE (in millions, December 31)
HECO	$	1,442		$	1,371	$	1,180	$	1,175	$	1,149
HELCO	453			463		372		367		388
MECO	378			386		386		388		377
	$	2,273		$	2,220	$	1,938	$	1,930	$	1,914
RATE BASE (in millions, simple average)
HECO	$	1,406		$	1,276	$	1,178	$	1,162	$	1,145
HELCO	458			417		369		378		379
MECO	382			386		387		382		350
	$	2,246		$	2,079	$	1,934	$	1,922	$	1,874
DEPRECIATION AND AFUDC (%)
Composite annual depreciation rate	3.5			3.8		3.8		3.8		3.9
Accumulated depreciation as percent of gross plant *	38.4			37.9		38.0		38.1		37.7
Weighted-average AFUDC rate	8.1			8.1		8.1		8.1		8.4
NUMBER OF FULL-TIME EQUIVALENT EMPLOYEES *
HECO	1,634			1,601		1,525		1,474		1,438
HELCO	347			358		348		344		340
MECO	337			338		330		327		307
	2,318			2,297		2,203		2,145		2,085

*	At December 31
**	Reflects latest final decision and order as of the end of the respective years. The return on rate base used by the PUC for purposes of the most recent interim decision and orders in the HELCO and MECO rate cases is 8.59% and 8.43%, respectively. The return on average common equity used by the PUC in those interim decision and orders for the HELCO and MECO rate cases is 10.50%.
***	Calculated on a rate-making basis.
(a)	Represents the authorized return from the 2009 test year final D&O effective March, 1, 2011.

10

CONSOLIDATED BALANCE SHEETS

Hawaiian Electric Company, Inc. and Subsidiaries

Unaudited

December 31	2010			2009			2008			2007			2006
(in thousands)
ASSETS
Utility plant, at cost
Land	$	51,364		$	52,530		$	42,541		$	38,161		$	35,242
Plant and equipment	4,896,974			4,696,257			4,277,499			4,131,267			4,003,022
Less accumulated depreciation	(1,941,059		)	(1,848,416		)	(1,741,453		)	(1,647,113		)	(1,558,913		)
Construction in progress	101,562			132,980			266,628			151,179			95,619
Net utility plant	3,108,841			3,033,351			2,845,215			2,673,494			2,574,970
Current assets
Cash and equivalents	122,936			73,578			6,901			4,678			3,859
Customer accounts receivable, net	138,171			133,286			166,422			146,112			125,524
Accrued unbilled revenues, net	104,384			84,276			106,544			114,274			92,195
Other accounts receivable, net	9,376			8,449			7,918			6,915			4,423
Fuel oil stock, at average cost	152,705			78,661			77,715			91,871			64,312
Materials and supplies, at average cost	36,717			35,908			34,532			34,258			30,540
Prepayments and other	55,216			16,201			12,626			9,490			9,695
Regulatory assets	7,349			6,849			6,654			5,997			5,759
Total current assets	626,854			437,208			419,312			413,595			336,307
Other long-term assets
Regulatory assets	470,981			420,013			523,965			278,993			106,590
Unamortized debt expense	14,030			14,288			14,503			15,635			13,722
Other	64,974			73,532			53,114			42,171			31,545
Total other long-term assets	549,985			507,833			591,582			336,799			151,857
	$	4,285,680		$	3,978,392		$	3,856,109		$	3,423,888		$	3,063,134
CAPITALIZATION AND LIABILITIES
Capitalization
Common stock equity	$	1,337,398		$	1,306,408		$	1,188,842		$	1,110,462		$	958,203
Cumulative preferred stock - not subject to mandatory redemption	34,293			34,293			34,293			34,293			34,293
Long-term debt, net	1,057,942			1,057,815			904,501			885,099			766,185
Total capitalization	2,429,633			2,398,516			2,127,636			2,029,854			1,758,681
Current liabilities
Short-term borrowings - nonaffiliates	—			—			—			28,791			113,107
Short-term borrowings - affiliate	—			—			41,550			—			—
Accounts payable	178,959			132,711			122,994			137,895			102,512
Interest and preferred dividends payable	20,603			21,223			15,397			14,719			10,645
Taxes accrued	175,960			156,092			220,046			189,637			152,182
Other	56,354			48,192			55,268			57,799			43,120
Total current liabilities	431,876			358,218			455,255			428,841			421,566
Deferred credits and other liabilities
Deferred income taxes	269,286			180,603			166,310			162,113			118,055
Regulatory liabilities	296,797			288,214			288,602			261,606			240,619
Unamortized tax credits	58,810			56,870			58,796			58,419			57,879
Retirement benefits liability	355,844			296,623			392,845			129,288			145,538
Other	108,070			77,804			54,949			54,030			44,068
Total deferred credits and other liabilities	1,088,807			900,114			961,502			665,456			606,159
Contributions in aid of construction	335,364			321,544			311,716			299,737			276,728
	$	4,285,680		$	3,978,392		$	3,856,109		$	3,423,888		$	3,063,134

Note: See HECO’s “Notes to Consolidated Financial Statements” included or incorporated in HEI’s and HECO’s Form 10-K for each year.

11

CONSOLIDATED STATEMENTS OF INCOME AND RETAINED EARNINGS

Hawaiian Electric Company, Inc. and Subsidiaries

Unaudited

Years ended December 31	2010			2009			2008			2007			2006
(in thousands)
Operating revenues	$	2,367,441		$	2,026,672		$	2,853,639		$	2,096,958		$	2,050,412
Operating expenses
Fuel oil	900,408			671,970			1,229,193			774,119			781,740
Purchased power	548,800			499,804			689,828			536,960			506,893
Other operation	251,027			248,515			243,249			214,047			186,449
Maintenance	127,487			107,531			101,624			105,743			90,217
Depreciation	149,708			144,533			141,678			137,081			130,164
Taxes, other than income taxes	222,117			191,699			261,823			194,607			190,413
Income taxes	48,053			48,212			56,307			34,126			47,381
	2,247,600			1,912,264			2,723,702			1,996,683			1,933,257
Operating income	119,841			114,408			129,937			100,275			117,155
Other income
Allowance for equity funds used during construction	6,016			12,222			9,390			5,219			6,348
Other, net	11,679			7,487			5,659			(627		)	3,123
	17,695			19,709			15,049			4,592			9,471
Interest and other charges
Interest on long-term debt	57,532			51,820			47,302			45,964			43,109
Amortization of net bond premium and expense	2,975			3,254			2,530			2,440			2,198
Other interest charges	1,003			2,870			4,925			4,864			7,256
Allowance for borrowed funds used during construction	(2,558		)	(5,268		)	(3,741		)	(2,552		)	(2,879		)
	58,952			52,676			51,016			50,716			49,684
Net income	78,584			81,441			93,970			54,151			76,942
Preferred stock dividends of subsidiaries	915			915			915			915			915
Net income attributable to HECO	77,669			80,526			93,055			53,236			76,027
Preferred stock dividends of HECO	1,080			1,080			1,080			1,080			1,080
Net income for common stock	76,589			79,446			91,975			52,156			74,947
Retained earnings, January 1	827,036			802,590			724,704			700,252			654,686
Adjustment to initially apply FIN 48	—			—			—			(620		)	—
Common stock dividends	(48,769		)	(55,000		)	(14,089		)	(27,084		)	(29,381		)
Retained earnings, December 31	$	854,856		$	827,036		$	802,590		$	724,704		$	700,252

Note: See HECO’s “Notes to Consolidated Financial Statements” included or incorporated in HEI’s and HECO’s Form 10-K for each year.

12

CUMULATIVE PREFERRED STOCK NOT SUBJECT TO MANDATORY REDEMPTION

Hawaiian Electric Company, Inc. and Subsidiaries

Unaudited

December 31

(dollars in thousands, except par values)

			Par value			Shares outstanding 12/31/10	2010		2009		2008		2007		2006
C	4.25	%	$	20	HECO	150,000	$	3,000	$	3,000	$	3,000	$	3,000	$	3,000
D	5.00		20		HECO	50,000	1,000		1,000		1,000		1,000		1,000
E	5.00		20		HECO	150,000	3,000		3,000		3,000		3,000		3,000
H	5.25		20		HECO	250,000	5,000		5,000		5,000		5,000		5,000
I	5.00		20		HECO	89,657	1,793		1,793		1,793		1,793		1,793
J	4.75		20		HECO	250,000	5,000		5,000		5,000		5,000		5,000
K	4.65		20		HECO	175,000	3,500		3,500		3,500		3,500		3,500
G	7.625		100		HELCO	70,000	7,000		7,000		7,000		7,000		7,000
H	7.625		100		MECO	50,000	5,000		5,000		5,000		5,000		5,000
						1,234,657	$	34,293	$	34,293	$	34,293	$	34,293	$	34,293

Note: See HECO’s “Notes to Consolidated Financial Statements” included or incorporated in HEI’s and HECO’s Form 10-K for each year.

13

LONG-TERM DEBT

Hawaiian Electric Company, Inc. and Subsidiaries

Unaudited

December 31	2010		2009		2008		2007		2006
(in thousands)
OBLIGATIONS TO THE STATE OF HAWAII FOR THE REPAYMENT OF SPECIAL PURPOSE REVENUE BONDS
HECO
Series 1993, 5.45%, due 2023	$	50,000	$	50,000	$	50,000	$	50,000	$	50,000
Series 1996A, 6.20%, due 2026 *	—		—		—		—		48,000
Series 1996B, 5.875%, due 2026 *	—		—		—		—		14,000
Series 1997A, 5.65%, due 2027	50,000		50,000		50,000		50,000		50,000
Refunding series 1998A, 4.95%, due 2012	42,580		42,580		42,580		42,580		42,580
Refunding series 1999B, 5.75%, due 2018	30,000		30,000		30,000		30,000		30,000
Series 1999C, 6.20%, due 2029	35,000		35,000		35,000		35,000		35,000
Refunding series 1999D, 6.15%, due 2020	16,000		16,000		16,000		16,000		16,000
Refunding series 2000, 5.70%, due 2020	46,000		46,000		46,000		46,000		46,000
Series 2002A, 5.10%, due 2032	40,000		40,000		40,000		40,000		40,000
Refunding series 2003B, 5.00%, due 2022	40,000		40,000		40,000		40,000		40,000
Refunding series 2005A, 4.80%, due 2025	40,000		40,000		40,000		40,000		40,000
Series, 2007A, 4.65%, due 2037	100,000		100,000		100,000		100,000		—
Refunding series 2007B, 4.60%, due 2026	62,000		62,000		62,000		62,000		—
Series 2009, 6.50%, due 2039	90,000		90,000		—		—		—
	$	641,580	$	641,580	$	551,580	$	551,580	$	451,580

*The proceeds from the Refunding Series 2007B SPRB were applied to refund this series of SPRB on March 27, 2007.

(Continued on next page)

14

LONG-TERM DEBT (Continued)

Hawaiian Electric Company, Inc. and Subsidiaries

Unaudited

December 31	2010			2009			2008			2007			2006
(in thousands)
OBLIGATIONS TO THE STATE OF HAWAII FOR THE REPAYMENT OF SPECIAL PURPOSE REVENUE BONDS
HELCO
Series 1993, 5.45%, due 2023	$	20,000		$	20,000		$	20,000		$	20,000		$	20,000
Series 1996A, 6.20%, due 2026 *	—			—			—			—			7,000
Series 1996B, 5.875%, due 2026 *	—			—			—			—			1,000
Series 1997A, 5.65%, due 2027	30,000			30,000			30,000			30,000			30,000
Refunding series 1998A, 4.95%, due 2012	7,200			7,200			7,200			7,200			7,200
Refunding series 1999A, 5.50%, due 2014	11,400			11,400			11,400			11,400			11,400
Refunding series 1999B, 5.75%, due 2018	11,000			11,000			11,000			11,000			11,000
Refunding series 1999D, 6.15%, due 2020	3,000			3,000			3,000			3,000			3,000
Refunding series 2003A, 4.75%, due 2020	14,000			14,000			14,000			14,000			14,000
Refunding series 2003B, 5.00%, due 2022	12,000			12,000			12,000			12,000			12,000
Refunding series 2005A, 4.8%, due 2025	5,000			5,000			5,000			5,000			5,000
Series 2007A, 4.65%, due 2037	20,000			20,000			20,000			20,000			—
Refunding series 2007B, 4.60%, due 2026	8,000			8,000			8,000			8,000			—
Series 2009, 6.50%, due 2039	60,000			60,000			—			—			—
	201,600			201,600			141,600			141,600			121,600
MECO
Series 1993, 5.45%, due 2023	30,000			30,000			30,000			30,000			30,000
Series 1996A, 6.20%, due 2026 *	—			—			—			—			20,000
Series 1996B, 5.875%, due 2026 *	—			—			—			—			35,000
Series 1997A, 5.65%, due 2027	20,000			20,000			20,000			20,000			20,000
Refunding series 1998A, 4.95%, due 2012	7,720			7,720			7,720			7,720			7,720
Refunding series 1999B, 5.75%, due 2018	9,000			9,000			9,000			9,000			9,000
Refunding series 1999D, 6.15%, due 2020	1,000			1,000			1,000			1,000			1,000
Refunding series 2000, 5.70%, due 2020	20,000			20,000			20,000			20,000			20,000
Refunding series 2005A, 4.8%, due 2025	2,000			2,000			2,000			2,000			2,000
Series 2007A, 4.65%, due 2037	20,000			20,000			20,000			20,000			—
Refunding series 2007B, 4.60%, due 2026	55,000			55,000			55,000			55,000			—
	164,720			164,720			164,720			164,720			144,720
	1,007,900			1,007,900			857,900			857,900			717,900
Less funds on deposit with trustees	—			—			(3,186		)	(22,461		)	—
	1,007,900			1,007,900			854,714			835,439			717,900
OTHER LONG-TERM DEBT (UNSECURED)
6.50%, series 2004, Junior subordinated deferrable interest debentures, due 2034	51,546			51,546			51,546			51,546			51,546
Long-term debt, including amounts due within one year	1,059,446			1,059,446			906,260			886,985			769,446
Less unamortized discount	(1,504		)	(1,631		)	(1,759		)	(1,886		)	(3,261		)
Long-term debt, net	$	1,057,942		$	1,057,815		$	904,501		$	885,099		$	766,185

*The proceeds from the Refunding Series 2007B SPRB were applied to refund this series of SPRB on March 27, 2007.

Note: See HECO’s “Notes to Consolidated Financial Statements” included or incorporated in HEI’s and HECO’s Form 10-K for each year.

15

CONSOLIDATED STATEMENTS OF CASH FLOWS

Hawaiian Electric Company, Inc. and Subsidiaries

Unaudited

Years ended December 31	2010			2009			2008			2007			2006
(in thousands)
Cash flows from operating activities
Net income	$	78,584		$	81,441		$	93,970		$	54,151		$	76,942
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation of utility plant	149,708			144,533			141,678			137,081			130,164
Other amortization	7,725			10,045			8,619			8,230			7,932
Writedown of utility plant	—			—			—			11,701			—
Changes in deferred income taxes	95,685			14,762			3,882			(31,888		)	(9,671		)
Changes in tax credits, net	2,841			(1,332		)	1,470			1,992			3,810
Allowance for equity funds used during construction	(6,016		)	(12,222		)	(9,390		)	(5,219		)	(6,348		)
Decrease in cash overdraft	(141		)	—			—			—			—
Changes in assets and liabilities:
Decrease (increase) in accounts receivable	(5,812		)	32,605			(21,313		)	(23,080		)	8,709
Decrease (increase) in accrued unbilled revenues	(20,108		)	22,268			7,730			(22,079		)	(874		)
Decrease (increase) in fuel oil stock	(74,044		)	(946		)	14,156			(27,559		)	21,138
Increase in materials and supplies	(809		)	(1,376		)	(274		)	(3,718		)	(3,566		)
Increase in regulatory assets	(2,936		)	(17,597		)	(3,229		)	(1,968		)	(6,123		)
Increase (decrease) in accounts payable	25,392			9,717			(14,901		)	35,383			(19,689		)
Changes in prepaid and accrued income taxes and revenue taxes	(10,170		)	(61,951		)	28,055			37,455			18,599
Other	7,890			(2,571		)	(5,445		)	16,108			7,423
Net cash provided by operating activities	247,789			217,376			245,008			186,590			228,446
Cash flows from investing activities
Capital expenditures	(174,344		)	(302,327		)	(278,476		)	(209,821		)	(195,072		)
Contributions in aid of construction	22,555			14,170			17,319			19,011			19,707
Other	1,327			340			1,157			5,440			407
Net cash used in investing activities	(150,462		)	(287,817		)	(260,000		)	(185,370		)	(174,958		)
Cash flows from financing activities
Net increase (decrease) in short-term borrowings from nonaffiliates and affiliate with original maturities of three months or less	—			(10,464		)	12,759			(84,316		)	(23,058		)
Proceeds from issuance of long-term debt	—			153,186			19,275			242,538			—
Repayment of long-term debt	—			—			—			(126,000		)	—
Proceeds from issuance of common stock	4,250			61,914			—			—			—
Preferred stock dividends of HECO and subsidiaries	(1,995		)	(1,995		)	(1,995		)	(1,995		)	(1,995		)
Common stock dividends	(48,769		)	(55,000		)	(14,089		)	(27,084		)	(29,381		)
Other	(1,455		)	(10,523		)	1,265			(3,544		)	4,662
Net cash provided by (used in) financing activities	(47,969		)	137,118			17,215			(401		)	(49,772		)
Net increase in cash and cash equivalents	49,358			66,677			2,223			819			3,716
Cash and cash equivalents, January 1	73,578			6,901			4,678			3,859			143
Cash and cash equivalents, December 31	$	122,936		$	73,578		$	6,901		$	4,678		$	3,859

Note: See HECO’s “Notes to Consolidated Financial Statements” included or incorporated in HEI’s and HECO’s Form 10-K for each year.

16

CUSTOMER, SALES AND REVENUE DATA

Hawaiian Electric Company, Inc. and Subsidiaries

Unaudited

Years ended December 31	2010		2009		2008		2007		2006
SERVICE AREA
Service area (square miles)	5,766		5,766		5,766		5,766		5,766
Service area population (estimated, in thousands)	1,293		1,231		1,224		1,214		1,213
CUSTOMER ACCOUNTS *
Residential	388,307		385,886		383,042		381,964		376,783
Commercial	54,374		54,527		55,243		55,869		55,493
Large light and power	548		558		543		554		567
Other	1,627		1,613		1,583		1,510		1,499
	444,856		442,584		440,411		439,897		434,342
CUSTOMER ACCOUNTS BY COMPANY *
HECO	296,422		295,282		293,740		294,591		292,988
HELCO	80,695		79,813		79,606		78,983		76,417
MECO	67,739		67,489		67,065		66,323		64,937
Consolidated	444,856		442,584		440,411		439,897		434,342
KILOWATTHOUR SALES (millions)
Residential	2,830		2,893		2,925		3,035		3,022
Commercial	3,185		3,222		3,326		3,341		3,313
Large light and power	3,513		3,525		3,633		3,690		3,729
Other	51		50		52		52		52
	9,579		9,690		9,936		10,118		10,116
KILOWATTHOUR SALES MIX (%)
Residential	29.5		29.9		29.4		30.0		29.9
Commercial	33.3		33.2		33.5		33.0		32.7
Large light and power	36.7		36.4		36.6		36.5		36.9
Other	0.5		0.5		0.5		0.5		0.5
	100.0		100.0		100.0		100.0		100.0
KILOWATTHOUR SALES BY COMPANY (millions)
HECO	7,277		7,378		7,556		7,675		7,701
HELCO	1,110		1,120		1,141		1,163		1,149
MECO	1,192		1,192		1,239		1,280		1,266
Consolidated	9,579		9,690		9,936		10,118		10,116
KILOWATTHOUR SALES GROWTH BY COMPANY (%)
HECO	(1.4	)	(2.4	)	(1.6	)	(0.3	)	(0.3	)
HELCO	(0.9	)	(1.8	)	(1.9	)	1.2		2.9
MECO	(0.1	)	(3.8	)	(3.2	)	1.1		1.2
Consolidated	(1.1	)	(2.5	)	(1.8	)	0.0		0.3

*At December 31

17

Years ended December 31	2010		2009		2008		2007		2006
ELECTRIC OPERATING REVENUES (thousands)
Electric sales revenue
Residential	$	781,467	$	690,656	$	935,061	$	713,241	$	690,425
Commercial	814,109		694,087		973,048		714,218		695,247
Large light and power	752,056		623,159		921,321		652,298		648,066
Other	13,004		10,721		15,069		10,791		10,530
	2,360,636		2,018,623		2,844,499		2,090,548		2,044,268
Other revenues	6,805		8,049		9,140		6,410		6,144
	$	2,367,441	$	2,026,672	$	2,853,639	$	2,096,958	$	2,050,412
ELECTRIC OPERATING REVENUES BY COMPANY (thousands)
HECO	$	1,649,608	$	1,384,885	$	1,954,772	$	1,385,136	$	1,365,593
HELCO	372,633		343,943		446,297		361,412		339,554
MECO	345,200		297,844		452,570		350,410		345,265
Consolidated	$	2,367,441	$	2,026,672	$	2,853,639	$	2,096,958	$	2,050,412
AVERAGE REVENUE PER KWH SOLD (cents)
Residential	27.61		23.87		31.97		23.50		22.85
Commercial	25.56		21.54		29.25		21.38		20.98
Large light and power	21.41		17.68		25.36		17.68		17.38
Other	25.63		21.36		28.81		20.81		20.44
	24.65		20.83		28.63		20.66		20.21
AVERAGE REVENUE PER KWH SOLD BY COMPANY (cents)
HECO	22.61		18.70		25.78		17.99		17.68
HELCO	33.50		30.63		39.02		31.02		29.49
MECO	28.83		24.86		36.40		27.27		27.16
Consolidated	24.65		20.83		28.63		20.66		20.21
AVERAGE ANNUAL RESIDENTIAL USE PER CUSTOMER BY COMPANY (KWH)
HECO	7,540		7,759		7,868		8,214		8,248
HELCO	6,405		6,613		6,703		7,024		7,142
MECO	7,368		7,503		7,681		8,101		8,185
Consolidated	7,317		7,523		7,640		7,996		8,056
Average monthly electric sales revenue per residential customer	$	168	$	150	$	204	$	157	$	153

18

POWER SUPPLY DATA

Hawaiian Electric Company, Inc. and Subsidiaries

Unaudited

Years ended December 31	2010		2009		2008		2007		2006
ENERGY NET GENERATED AND PURCHASED (millions of KWH)
Net generated
Fuel oil
Steam-conventional (1)	4,884		4,972		5,193		5,379		5,430
Combustion turbine (1), (2)	29		98		125		134		294
Diesel	242		295		264		280		375
Combined-cycle (1)	878		723		662		671		488
	6,033		6,088		6,244		6,464		6,587
Biodiesel	3		0		0		0		0
Hydro and wind	17		29		18		15		24
Total net generated	6,053		6,117		6,262		6,479		6,611
Purchased	4,063		4,120		4,248		4,228		4,094
	10,116		10,237		10,510		10,707		10,705
GENERATION MIX (%)
Fuel oil
Steam-conventional (1)	48.3		48.6		49.4		50.2		50.7
Combustion turbine (1), (2)	0.3		0.9		1.2		1.3		2.7
Diesel	2.4		2.9		2.5		2.6		3.5
Combined-cycle (1)	8.7		7.1		6.3		6.3		4.6
	59.7		59.5		59.4		60.4		61.5
Biodiesel	0.0		0.0		0.0		0.0		0.0
Hydro and wind	0.1		0.3		0.2		0.1		0.2
Total generation	59.8		59.8		59.6		60.5		61.7
Purchased	40.2		40.2		40.4		39.5		38.3
	100.0		100.0		100.0		100.0		100.0
SYSTEM CAPABILITY (MW) * **
Company-owned generation
Steam-conventional (1)	1,205		1,205		1,205		1,205		1,205
Combustion turbine (1), (2)	150		263		193		193		193
Diesel	147		177		176		174		158
Biodiesel (CIP CT-1)	113		0		0		0		0
Combined-cycle (1)	170		170		113		113		113
	1,785		1,815		1,687		1,685		1,669
Firm purchase power contracts	540		532		540		538		535
	2,325		2,347		2,227		2,223		2,204
SYSTEM CAPABILITY BY COMPANY (MW) * **
HECO	1,756		1,785		1,672		1,672		1,667
HELCO	285		278		272		270		267
MECO	284		284		283		281		270
	2,325		2,347		2,227		2,223		2,204
SYSTEM PEAK LOAD BY COMPANY (MW) ***
HECO	1,162		1,213		1,186		1,216		1,266
HELCO	190		195		198		203		201
MECO	210		210		206		216		218
	1,562		1,618		1,590		1,635		1,685
FUEL OIL DATA
Barrels of fuel oil consumed (thousands)	10,276		10,514		10,735		11,207		11,474
Average fuel oil cost per barrel	$	87.62	$	63.91	$	114.50	$	69.08	$	68.13
Average fuel oil cost per million BTU (cents)	1,404.8		1,026.4		1,840.0		1,108.2		1,094.1
Fuel oil cost per net KWH generated (cents)	14.915		11.036		19.687		11.977		11.869
BTU per net KWH generated by company
HECO	10,545		10,590		10,496		10,649		10,582
HELCO	11,939		13,085		13,984		13,903		13,823
MECO	10,254		10,323		10,240		10,190		10,580
Consolidated	10,617		10,753		10,700		10,807		10,848
OTHER DATA
Losses and system uses (%)	5.1		5.1		5.2		5.3		5.3
Reserve margin (%) ***	52.6		50.0		44.5		38.6		32.3
Annual load factor (%) ***	73.9		72.2		75.3		74.7		72.5
Cost per KWH purchased (cents)	13.508		12.132		16.238		12.700		12.380

*At December 31

**Excludes hydro run-of-river units

***Net; noncoincident and nonintegrated

(1)Combined-cycle data for 2006 was reported as steam-conventional and combustion turbine

(2)2009 includes CIP CT-1 biodiesel

19

FORECAST: 2011 - 2015 ELECTRIC UTILITY COMPANIES

Hawaiian Electric Company, Inc. and Subsidiaries

Unaudited

Forecast as of December 13, 2010 (1)

Years ended December 31	2010			2011			2012			2013			2014			2015			2011-2015
(dollars in millions)	actual
USES OF CAPITAL
Transmission and distribution	$	123.4		$	175.9		$	189.2		$	181.5		$	208.8		$	233.6		$	989.0
Production	48.8			89.9			134.6			156.5			278.4			348.1			1,007.5
General	35.5			33.9			21.4			62.7			53.3			79.1			250.4
Total capital expenditures, including AFUDC	207.7			299.7			345.2			400.7			540.5			660.8			2,246.9		(2)
Less: AFUDC	7.6			8.1			11.6			19.1			33.4			53.3			125.5
Contributions in aid of construction	26.9			32.0			28.1			24.1			20.7			20.7			125.6
Net capital expenditures	173.2			259.6			305.5			357.5			486.4			586.8			1,995.8
Other requirements (3)	—			—			57.5			—			11.4			—			68.9
Total net requirements	$	173.2		$	259.6		$	363.0		$	357.5		$	497.8		$	586.8		$	2,064.7
SOURCES OF CAPITAL
Internal funds after dividends
Depreciation and amortization	$	160.8		$	155.4		$	164.3		$	175.1		$	183.4		$	192.1		$	870.3
Deferred income taxes and tax credits, net	98.5			23.6			36.0			28.0			44.5			58.4			190.5
Retained earnings and other, excluding AFUDC	(90.4		)	(73.0		)	(57.8		)	(59.5		)	(44.6		)	(54.4		)	(289.3		)
Total internal sources, excluding AFUDC	168.9			106.0			142.5			143.6			183.3			196.1			771.5
External financing sources
Debt	—			131.4			21.1			11.2			22.2			(21.9		)	164.0
Drawdown of revenue bond proceeds	—			—			137.5			100.0			141.4			210.0			588.9
Common Stock Issuance	4.3			22.2			61.9			102.7			150.9			202.6			540.3
Total external financing sources	4.3			153.6			220.5			213.9			314.5			390.7			1,293.2
Total sources	$	173.2		$	259.6		$	363.0		$	357.5		$	497.8		$	586.8		$	2,064.7
Internal sources as a percent of
Net capital expenditures	98			41			47			40			38			33			39
Total net requirements	98			41			39			40			37			33			37
CAPITAL STRUCTURE (at December 31)
Capitalization
Total debt	$	1,057.9		$	1,057.9		$	1,152.0		$	1,263.1		$	1,415.3		$	1,603.4
Preferred stock	34.3			34.3			34.3			34.3			34.3			34.3
Common stock	1,337.4			1,447.5			1,557.8			1,711.2			1,921.5			2,193.2
Total capitalization	$	2,429.6		$	2,539.7		$	2,744.1		$	3,008.6		$	3,371.1		$	3,830.9
Capitalization ratios (%)
Total debt	43.5			41.6			42.0			42.0			42.0			41.8
Preferred stock	1.4			1.4			1.2			1.1			1.0			0.9
Common stock	55.1			57.0			56.8			56.9			57.0			57.3
Total capitalization	100.0			100.0			100.0			100.0			100.0			100.0

(1)	Forecast as of December 13, 2010 prior to the final HECO 2009 test year decision & order (issued on 12/29/10) where the PUC approved a 10.0% return on common equity for the 2009 test year and tax legislation that extended bonus depreciation to 2012.
(2)	5-year capital investment plan of $2.2 billion. Compounded annual rate base growth of approximately 5%.
(3)	May not include those securities sold at the company’s option, the proceeds of which are used to repay long-term obligations prior to their maturity.

20

FORECAST: 2011 - 2015  ELECTRIC UTILITY COMPANIES

Hawaiian Electric Company, Inc. and Subsidiaries

Unaudited

Forecast as of December 13, 2010

Years ended December 31	2010		2011		2012		2013		2014		2015
	actual
CONSOLIDATED SALES AND GENERATION DATA
Sales (millions of KWH)
HECO (Oahu)	7,277		7,470		7,570		7,681		7,811		7,914
HELCO (Hawaii)	1,110		1,120		1,155		1,174		1,199		1,224
MECO (Maui, Lanai, Molokai)	1,192		1,219		1,233		1,245		1,257		1,274
Total	9,579		9,809		9,958		10,100		10,267		10,412
Increase (decrease) from previous year	(1.1	)%	2.4	%	1.5	%	1.4	%	1.7	%	1.4	%
Peak load (MW) (1)	1,562		1,662		1,684		1,712		1,752		1,780
Increase (decrease) from previous year	-3.5	%	6.4	%	1.3	%	1.7	%	2.3	%	1.6	%
Generating capability at year-end (MW)	1,785		1,787		1,787		1,787		1,787		1,787
Firm purchased capacity at year-end (MW)	540		540		540		540		540		524
Generating capability and firm purchased capacity at year-end (MW)	2,325		2,327		2,327		2,327		2,327		2,311
Firm purchased capacity (%)	23.2		23.2		23.2		23.2		23.2		22.7
Reserve margin (%) (1)	52.6		40.0		38.2		35.9		32.8		29.9
Load factor (%) (1)	73.9		71.2		71.0		68.5		67.9		67.0
Net KWH generated and purchased (millions)
Company generated	6,053		6,131		5,812		5,775		5,417		5,527
Purchased power	4,063		4,239		4,696		4,884		5,417		5,459
Total	10,116		10,370		10,508		10,659		10,834		10,986
CONSOLIDATED GENERATION MIX BY SOURCE (%) (2)
Fuel oil	76.4		75.2		71.4		70.0		65.3		65.5
Coal	15.0		13.8		14.8		14.2		14.0		13.8
Wind	2.6		3.4		4.2		4.6		7.3		7.2
Solid waste	3.2		3.2		3.9		4.7		4.7		4.7
Geothermal and other	2.8		4.4		5.7		6.5		8.7		8.8
Total	100.0		100.0		100.0		100.0		100.0		100.0

(1)     Noncoincident and nonintegrated

(2)     Includes company-owned and purchased generation

HAWAII PUBLIC UTILITIES COMMISSION

The Governor, with the consent of the Senate, appoints three full-time commissioners to staggered six-year terms. Commissioners can serve no more than 12 consecutive years.  Statutes provide for the rendering of an “interim decision” in rate cases within 11 months of the filing of a complete application by the company.  There is no statutory deadline for rendering a final decision.

On February 3, 2011, the Governor of the State of Hawaii announced the appointment of State Representative Hermina Morita as the Chairman of the PUC (for a term that expires in June 2014), subject to confirmation by the State Senate. The other commissioners are Carlito P. Caliboso (for a term that expires in June 2016), an attorney previously in private practice, and John E. Cole (for a term that expires in June 2012), who previously served as the Executive Director of the Division of Consumer Advocacy.

CONSUMER ADVOCATE

Jeffery T. Ono was appointed executive director of the Division of Consumer Advocacy effective December 16, 2010.  Prior to becoming the executive director, Mr. Ono worked as an attorney in private practice.

21

SELECTED DATA

American Savings Bank, F.S.B. and Subsidiaries

Unaudited

Years ended December 31	2010	2009		2008		2007	2006
REGULATORY CAPITAL (%)
Tangible capital
ASB	9.21	8.99		8.48		7.78	7.55
OTS requirement	1.50	1.50		1.50		1.50	1.50
Core (leverage) capital
ASB	9.21	8.99		8.48		7.78	7.55
OTS requirement	4.00	4.00		4.00		4.00	4.00
Risk-based capital
ASB	13.85	14.06		12.76		14.68	14.69
OTS requirement	8.00	8.00		8.00		8.00	8.00
KEY STATISTICS (%)
Return on assets (1)
ASB	1.20	0.43		0.29		0.78	0.82
Peers (2)	0.52	0.16		0.65		0.92	1.13
High performing peers (2)	1.09	0.85		0.99		1.14	1.37
Net interest margin
ASB	4.23	4.19		3.62		3.05	3.13
Peers (2)	3.62	3.43		3.53		3.52	3.67
High performing peers (2)	4.21	3.89		3.88		3.73	3.80
Efficiency ratio
ASB	56	72		85		66	65
Peers (2)	61	64		60		60	58
High performing peers (2)	54	54		54		54	55
Revenue growth
ASB	13.48	(8.67	)	(4.69	)	1.27	(1.58	)
Peers (2)	4.60	12.19		3.29		3.59	4.35
High performing peers (2)	4.32	14.43		8.00		3.89	3.20
Net charge-offs to loans outstanding
ASB	0.61	0.66		0.11		0.17	0.02
Peers (2)	1.34	1.18		0.58		0.22	0.09
High performing peers (2)	0.76	0.70		0.57		0.21	0.06
OTHER DATA
Branch locations *	57	60		63		63	64
Employees *	1,075	1,117		1,313		1,330	1,318

* At December 31
(1)	2009 net income included $19 million after tax charge related to the sale of private-issue mortgage-related securities.
	2008 net income included $36 million after tax charge related to the balance sheet restructuring.
(2)	2009 & 2010 peer group includes all publicly traded banks and thrifts between $3.5 billion and $8.0 billion in total assets.
	2006-2008 peer group includes all publicly traded banks and thrifts between $4.0 and $9.0 billion in total assets.

22

CONSOLIDATED BALANCE SHEETS

American Savings Bank, F.S.B. and Subsidiaries

Unaudited

December 31	2010			2009			2008			2007			2006
(in thousands)
ASSETS
Cash and equivalents	$	206,118		$	427,375		$	169,298		$	204,023		$	252,041
Available-for-sale investment and mortgage-related securities	678,152			432,881			657,717			2,140,772			2,367,427
Investment in stock of Federal Home Loan Bank of Seattle	97,764			97,764			97,764			97,764			97,764
Loans receivable, net	3,497,729			3,670,493			4,206,492			4,101,193			3,780,461
Real estate acquired in settlement of loans, net	4,292			3,959			1,492			—			—
Other and other intangibles, net	230,514			226,323			222,167			234,661			227,726
Goodwill	82,190			82,190			82,190			83,080			83,080
	$	4,796,759		$	4,940,985		$	5,437,120		$	6,861,493		$	6,808,499
LIABILITIES AND SHAREHOLDER’S EQUITY
Deposit liabilities	$	3,975,372		$	4,058,760		$	4,180,175		$	4,347,260		$	4,575,548
Other borrowings	237,319			297,628			680,973			1,810,669			1,568,585
Other	90,683			92,129			98,598			108,800			104,470
	4,303,374			4,448,517			4,959,746			6,266,729			6,248,603
Common stock	330,562			329,439			328,162			325,467			323,154
Retained earnings	169,111			172,655			197,235			287,710			280,046
Accumulated other comprehensive loss, net of tax benefits	(6,288		)	(9,626		)	(48,023		)	(18,413		)	(43,304		)
	493,385			492,468			477,374			594,764			559,896
	$	4,796,759		$	4,940,985		$	5,437,120		$	6,861,493		$	6,808,499

Note: See Note 4 to HEI’s “Notes to Consolidated Financial Statements” included or incorporated in HEI’s Form 10-K for each year.     

23

CONSOLIDATED STATEMENTS OF INCOME

American Savings Bank, F.S.B. and Subsidiaries

Unaudited

Years ended December 31	2010		2009			2008			2007		2006
(in thousands)
Interest and dividend income
Interest and fees on loans	$	195,192	$	217,838		$	247,210		$	245,593	$	231,610
Interest and dividends on investment and mortgage-related securities	14,946		26,977			65,208			111,470		117,160
	210,138		244,815			312,418			357,063		348,770
Interest expense
Interest on deposit liabilities	14,696		34,046			61,483			81,879		73,614
Interest on other borrowings	5,653		9,497			43,941			78,019		72,482
	20,349		43,543			105,424			159,898		146,096
Net interest income	189,789		201,272			206,994			197,165		202,674
Provision (reversal of allowance) for loan losses	20,894		32,000			10,334			5,700		1,400
Net interest income after provision (reversal of allowance) for loan losses	168,895		169,272			196,660			191,465		201,274
Noninterest income
Fee income on deposit liabilities	26,369		30,713			28,332			26,342		18,779
Fees from other financial services	27,280		25,267			24,846			27,916		26,385
Fee income on other financial products	6,487		5,833			6,683			7,418		8,025
Net gains (losses) on sale of securities	—		(32,034		)	(17,376		)	1,109		1,735
Net losses on available-for-sale securities	—		(15,444		)	(7,764		)	—		—
Other income	12,419		15,569			11,414			5,647		4,671
	72,555		29,904			46,135			68,432		59,595
Noninterest expense
Compensation and employee benefits	71,476		73,990			77,858			61,937		68,478
Loss on early extinguishment of debt	—		760			39,843			—		—
Occupancy and equipment	23,168		30,906			34,434			35,468		33,529
Services	6,594		11,189			16,706			29,173		21,484
Data processing	13,213		14,382			10,678			10,458		10,164
Other expense	34,487		36,244			36,485			38,872		38,656
	148,938		167,471			216,004			175,908		172,311
Income before income taxes	92,512		31,705			26,791			83,989		88,558
Income taxes	34,056		9,938			8,964			30,882		32,776
Net income for common stock	$	58,456	$	21,767	(1)	$	17,827	(2)	$	53,107	$	55,782

(1)   Includes $19 million after tax charge related to the sale of private-issue mortgage-related securities.

(2)   Includes $36 million after tax charge related to the balance sheet restructuring.

Note: See Note 4 to HEI’s “Notes to Consolidated Financial Statements” included or incorporated in HEI’s Form 10-K for each year.

24